Fidelity New Markets Income Fund
Actively managed global bond fund
As of its 2026 Q2 report, Fidelity New Markets Income Fund held 524 positions with $3.88B in net assets. Its ten largest holdings made up 13.4% of the fund. The FNMIX share class costs 0.75% a year. Over the 12 months to May 2026, FNMIX returned 16.0%, with dividends reinvested. In 2026 Q2 it added 46 new positions and exited 25.
Fidelity New Markets Income Fund seeks high current income. As a secondary objective, the fund seeks capital appreciation.
The fund invests at least 80% of assets in debt and income-producing equity securities of issuers in emerging markets or economically tied to them, with the manager selecting securities by analyzing structural features, pricing, credit and currency risks, and trading opportunities. The fund may also use derivatives with leveraging effects and allocate up to 20% of net assets to securities with leverage, including swaps, options, and futures contracts to adjust risk exposure. Because security selection depends on the manager's analysis of individual issuers' credit and economic risks, performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Fidelity Revere Street Trust | 6.15% | $238.81M | — |
ARGENTINA REPUBLIC OF 4.13% floating · due 2035-07-09 | 1.17% | $45.53M | — |
UST NOTES 4.13% · due 2032-05-31 | 0.85% | $32.96M | — |
PETROLEOS MEXICANOS 6.63% · due 2035-06-15 | 0.84% | $32.75M | — |
ARGENTINA REPUBLIC OF 5.00% floating · due 2038-01-09 | 0.82% | $31.86M | — |
ARGENTINA REPUBLIC OF 0.75% floating · due 2030-07-09 | 0.82% | $31.81M | — |
PETROLEOS DE VENEZUELA SA 0.00% · due 2037-04-12 | 0.76% | $29.38M | — |
ECUADOR REPUBLIC OF 6.90% floating · due 2035-07-31 | 0.74% | $28.79M | — |
PETROLEOS DE VENEZUELA SA 0.00% · due 2027-04-12 | 0.63% | $24.55M | — |
MEXICO UNITED MEXICAN STATES 6.05% · due 2040-01-11 | 0.57% | $22.19M | — |
The 200 largest of 524 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 88.59% |
| Cash & short-term | 8.99% |
| Stocks | 2.50% |
| Derivatives | 0.02% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q3, one or more quarters before the direct holdings (2026Q2).
How it has done
FNMIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.49%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.75% | +16.00% | +44.34% | +22.17% | -3.95% | |
| 1.04% | +15.58% | +42.86% | +20.39% | -4.08% | |
| 1.79% | +14.80% | +40.45% | +16.79% | -4.19% | |
| 0.79% | +15.97% | +44.09% | +22.06% | -4.03% | |
| 0.69% | +15.99% | +44.51% | +22.60% | -4.03% | |
| 1.04% | +15.66% | +43.09% | +20.46% | -4.08% |
These classes hold the same portfolio, so the 5.81pp spread over 5 years is the cost difference between them — roughly 1.16pp a year — not a difference in what they own.
Fees & fund details
Fidelity New Markets Income Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.69% – 1.79%· FNMIX 0.75%
- Portfolio turnover
- 24.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
46 new· the largest 8
25 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 89.7% |
| Floating rate | 10.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.1% |
| 1-3y | 8.9% |
| 3-5y | 18.7% |
| 5-10y | 31.7% |
| 10y+ | 37.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.40 yr |
| High yield | +2.64 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.31 yr | 5% |
| 5 yr | 1.39 yr | 24% |
| 10 yr | 2.27 yr | 39% |
| 30 yr | 1.81 yr | 31% |
| 3 mo | 0.21 yr | 3% |
| 1 yr | 0.87 yr | 14% |
| 5 yr | 1.84 yr | 31% |
| 10 yr | 2.21 yr | 37% |
| 30 yr | 0.91 yr | 15% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.13 | +0.08 | $49.4k | $31.8k |
| 1 yr | +0.31 | +0.46 | +0.41 | $177.9k | $159.3k |
| 5 yr | +1.39 | +0.95 | +0.90 | $367.6k | $347.8k |
| 10 yr | +2.27 | +1.27 | +0.94 | $491.7k | $365.8k |
| 30 yr | +1.81 | +0.60 | +0.31 | $233.6k | $118.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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